FINANCIAL REPORT osec.ch
20 12
Balance Sheet
as of 31.12.2012 (in CHF)
NAME Assets Liquid assets Trade accounts receivable Other receivables Accruals Current assets Fixed assets Financial assets Property IT hardware Fixed assets
Appendix
2012
2011
1 2.1 2.2 3
10’136’697 1’517’098 279’108 2’441’459 14’374’362
10’905’804 1’219’360 29’494 2’404’671 14’559’329
4.1 4.2 4.2
725’486 8’683’480 50’075 9’459’041
721’877 8’875’760 94’638 9’692’275
23’833’403
24’251’604
Appendix
2012
2011
5.1 5.2 6 7
2’967’970 558’828 6’059’217 0 9’586’015
2’793’450 161’264 5’313’357 0 8’268’071
0 0
0 0
TOTAL ASSETS LIABILITIES Current liabilities Trade accounts payable Other current liabilities Deferrals Current provisions Current liabilities Non-current liabilities Non-current provisions Non-current liabilities
7
Statement of Operations NAME Operating income Sponsoring Consulting Trade fairs, events Other operating income Turnover on customer accounts
2012
2011
647’297 2’497’867 4’048’698 455’098 7’648’960
994’292 2’532’070 3’493’298 740’058 7’759’718
Member contributions Payments from the Confederation Payments from the cantons
1’351’112 30’713’994 1’203’716
1’310’628 28’328’973 1’204’144
Operating income
40’917’783
38’603’463
16’863’772 7’472’073 2’871’745 8’936’081 6’215’815 247’571
16’215’803 7’122’152 1’985’403 8’286’186 4’471’903 292’669
42’607’058
38’374’115
–1’689’275 5’520
229’348 41’881
–1’683’755
271’229
1’402’178 553’823 –239’064 1’716’937
–185’704 –25’252 0 –210’956
33’182
60’272
Operating expenses Personnel expenses Infrastructure, IT, administrative expenses Contributions to third parties Marketing, representation Other operating expenses Depreciation and amortisation
Business development fund Business development fund Business development fund Organisation capital Paid-in capital Revaluation reserves Acquired free capital Annual result Organisation capital TOTAL LIABILITIES
8
4’759’198 3’136’789 7’895’987
6’161’376 3’743’002 9’904’378
239’064 239’064
0 0
4’900’006 818’238 360’911 33’182 6’112’337
4’900’006 818’238 300’640 60’271 6’079’155
23’833’403
24’251’604
Appendix
9
10
Operating expenses Operating result Financial result Result
Fund capital Fund capital (committed funds 1) Fund capital (committed funds 2) Fund capital
1 January – 31 December 2012 (in CHF)
Fund movements Movements funds 1, net Movements funds 2, net Movements, business development fund Fund movements Annual result
11
Cash Flow Statement
(in CHF)
Cash flow from operations Annual result Depreciation of tangible assets Decrease/increase in receivables Decrease/increase in accruals Decrease/increase in current financial liabilities Increase in financial assets Net creation of provisions ncrease/decrease in deferrals
Changes in Capital
2012 33’182 247’571 –547’352 -27’788 572’084 -3’609 0 736’860
2011 60’271 292’669 62’003 –674’187 –535’358 0 –2’204’244 704’079
1. Funds 1.1 Committed funds 1
1’010’948
–2’294’767
Balance as of 31.12.2011
Cash flow from investment activity Investments Divestments
–10’728 0
–128’750 0
Total cash flow from investment activity
–10’728
–128’750
Cash flow from financing activity Net decrease in committed funds
–1’769’327
–390’294
Total Cash flow from financing activity
–1’769’327
–390’294
–769’107
–2’813’811
Total Cash flow from operations
Change in cash and cash equivalents
Substantiation Opening cash balance Closing cash balance Total change in cash and cash equivalents
Balance as of 1.1.2011 Credits Additions Use Disposals/use
Balance as of 1.1.2012 Credits Additions Use Disposals/use Balance as of 31.12.2012
10’905’804 10’136’697 –769’107
(in CHF)
Export promotion 4’705’645 0 2’552’000 0 –2’702’269
Import promotion 365’000 0 520’000 0 –180’000
Location promotion 851’000 0 230’000 0 –180’000
IPSSA
Total
54’027 0 0 0 –54’027
5’975’672 0 3’302’000 0 –3’116’296
4’555’376
705’000
901’000
0
6’161’376
4’555’376 0 0 0 –1’375’178
705’000 0 260’000 0 0
901’000 0 0 0 –287’000
0 0 0 0 0
6’161’376 0 260’000 0 –1’662’178
3’180’198
965’000
614’000
0
4’759’198
Special funds Stabilo 1 4)
Total
The committed funds 1 in question are funds for the current service mandates. 1. Fonds 1.2 Committed funds 2 Former export Third-party Diplomatic and promotion ser- supporters and economic vice mandate 1) trade fairs 2) measures 3)
13’719’615 10’905’804 –2’813’811
Balance as of 1.1.2011 Credits Additions Use Disposals/use
3’411’920 0 0 0 0
637’080 1’100’000 138’152 -1’544’150 0
0 600’000 0 -600’000 0
270’000 0 0 -157’100 -112’900
4’319’000 1’700’000 138’152 -2’301’250 -112’900
Balance as of 31.12.2011
3’411’920
331’082
0
0
3’743’002
Balance as of 1.1.2012 Credits Additions Use Disposals/use
3’411’920 0 0 0 -730’000
331’082 1’360’310 176’178 -1’412’700 0
0 600’000 0 -600’000 0
0 0 0 0 0
3’743’002 1’960’310 176’178 -2’012’700 -730’000
Balance as of 31.12.2012
2’681’920
454’870
0
0
3’136’790
his fund contains resources from previous service mandates and is intended to cover the costs of expiring service mandates and other export promotion activities. T 2) This fund is to be used to make awards of contributions to trade fairs and events abroad. 3) This fund is intended for SECO but will be wound up at the end of the year. 4) This fund is intended for the export promotion projects of third parties, with a focus on Swiss SMEs. The resources have been allocated to Osec by the federal government under Stimulus Programme 1. 1)
(in CHF)
2. Business development fund Business development fund 1 0 0 0 0 0
Total
0
0
Balance as of 1.1.2012 Credits Additions Consumption Disposals/use
0 0 239’064 0 0
0 0 239’064 0 0
Balance as of 31.12.2012
239’064
Balance as of 1.1.2011 Credits Additions Consumption Disposals/use Balance as of 31.12.2011
1)
0 0 0 0 0
0
0
0
0
239’064
This fund contains resources which the Supervisory Board may dispose of in accordance with Article 1.2 of the articles of incorporation.
3. Organisation capital Paid-in capital
Revaluation reserves
Acquired free capital
Total
Balance as of 1.1.2011 Allocation to free capital Annual result
4’900’006 0 0
818’238 0 0
300’640 0 60’271
6’018’884 0 60’271
Balance as of 31.12.2011
4’900’006
818’238
360’911
6’079’155
Balance as of 1.1.2012 Allocation to free capital Annual result
4’900’006 0 0
818’238 0 0
360’911 0 33’182
6’079’155 0 33’182
Balance as of 31.12.2012
4’900’006
818’238
394’093
6’112’337
Appendix
Accounting and Valuation Guidelines Accounting principles Osec’s financial accounting complies with Swiss GAAP ARR accounting standards and provides a true and fair view of the organisation’s assets, financial and earnings position. The historic cost principle based on the individual valuation of assets and liabilities is essentially applied to the annual accounts. The most important principles of accounting are displayed below: Valuation of receivables Valuation was based on the balance of accounts receivable as of 31 December 2011 minus the necessary specific value adjustments as well as a flat-rate adjustment of 3 % to what are mainly domestic receivables. Financial assets In 2012 the employer‘s reserves are included in the annual financial statement for the first time. The previous year‘s figures have been adjusted accordingly. Valuation of tangible and intangible assets The tangible and intangible assets are reported as historical cost values minus depreciation and amortisation necessary for operational reasons. With the exception of land, depreciation and amortisation are in principle calculated on a straight-line basis over the assets’ estimated useful life. The materiality threshold is CHF 5,000 per individual asset. The estimated useful life of the assets is asfollows: Property in Zurich, excluding land
50 years
Building installations
10 years
IT hardware
3 years
Provisions
1. Liquid assets The liquid assets include cash balances, post office and bank accounts as well as sight and time deposits with a remaining term of no more than 90 days. These are recognised at nominal value. 2. Receivables 2.1 Trade accounts receivable Receivables against third parties ./. Del credere Balance of receivables as of 31 December 2.2 Other receivablesVorsteuerforderung Input tax receivable Deposits and securities SBH operational budgets Miscellaneous other receivables Balance of other receivables as of 31 December 3. Accruals Expenses for projects in the new accounting year (trade fairs) Employee insurance Receivables against customer Other accruals Balance of accruals as of 31 December 4. Fixed assets 4.1 Financial assets Employer contributions reserve Balance of accruals as of 31 December
the balance sheet date. Other current and non-current liabilities Other current and non-current liabilities are recognised at nominal value. Statement of operations 2012 The discounts contained in ‚Other operating income‘ have been reclassified under ‚Consulting‘ and ‚Trade fairs‘ and ‚events‘.
2012
2011
1’698’898 -181’800 1’517’098
1’320’360 -101’000 1’219’360
0 20’000 206’033 53’075 279’108
9’184 20’000 0 310 29’494
2012 2’021’652 215’329 9’000 195’478 2’441’459
2011 1’936’931 957 0 466’784 2’404’672
2012
2011
725’486 725’486
721’877 721’877
4.2 Tangible assets
Provisions are created for legal and factual obligations which are likely to involve an outflow of funds. The level of provisions is based on the estimation of the Supervisory Board and reflects the future expenditure to be expected on
(in CHF)
Net book value 1.1.2012 Acquisition values Status as of 1.1.2012 Additions Disposals As of 31/12/2012 Cumulative adjustments Status as of 1.1.2012 Regular depreciation Disposals Status as of 31.12.2012 Net book values 31.12.2012
Land and buildings 8’721’760
Conversions
IT hardware
Total
154’000
94’637
8’970’397
11’104’000 0 0 11’104’000
281’630 0 0 281’630
501’299 10’728 0 512’027
11’886’929 10’728 0 11’897’657
2’382’240 170’280 0 2’552’520 8’551’480
127’630 22’000 0 149’630 132’000
406’662 55’291 0 461’953 50’074
2’916’532 247’571 0 3’164’103 8’733’555
On the balance sheet date and in the previous year there was no unreported leasing business. The fire insurance values for the building amounted to CHF 17,969,800 (previous year: CHF 17,969,800), and for tangible assets they amounted to CHF 2,500,000 (previous year: CHF 2,500,000).
(in CHF)
5. Liabilities 5.1 Trade accounts payable Third party liabilities Occupational pension fund Community liabilities Balance of liabilities as of 31 December 5.2 Other current liabilities VAT due Misc. other liabilities Balance of other liabilities as of 31 December 6. Deferrals Income for projects in the new accounting year (trade fairs) Personnel expenses Customer’s prepayments Other accruals Balance of deferrals as of 31 December
2012
2011
2’167’868 203’172 596’930 2’967’970
1’149’771 192’563 1’451’116 2’793’450
459’445 99’383 558’828
0 161’264 161’264
2012 1’878’331 1’467’073 0 2’713’813 6’059’217
2011 2’035’680 1’375’104 29’000 1’873’573 5’313’357
Legal cases** 1’704’244 0 0 –1’704’244 0 0 0 0 0 0
Total 2’204’244 0 0 -2’204’244 0 0 0 0 0 0
7. Provisions Book value 1.1.2011 Accumulation Use Dissolution Book value as of 31.12.2011 Buchwert 1.1.2012 Accumulation Use Dissolution Book value as of 31.12.2012
Other provisions* 500’000 0 0 –500’000 0 0 0 0 0 0
* Provision associated with planned organisational changes. ** A clarification of the legal situation established that the risk no longer exists, and the provision was therefore released to the statement of operations. 8. Organisation capital The capital paid in was generated by the Confederation. If there is a surplus balance in the event of liquidation, it will go to the Federal Department of Economic Affairs, Education and Research. 9. Occupational pension Osec employees are insured with Publica, the state pension fund. Insurance covers the economic consequences of age, death and invalidity. This is a federal institution which is independent of Osec and provides a contribution-based pension plan into which employees and the employer make defined payments. The employer‘s contributions are recorded in the period in which they occurred and for the current year amount to CHF 1,321,40 (previous year: CHF 1,232,239). There is an employer‘s reserve of CHF 725,486 (previous year: CHF 721,877).
10. Other operating expenses Fees, charges Other operating expenses Total operating expenses 11. Financial result Financial expenditure – Financial expenditure – Exchange rate differences, expenditure Total Financial expenditure Financial income – Interest income – Exchange rate differences, income Total Financial income Net financial income
(in CHF)
2012 6’164’579 51’236 6’215’815
2011 5’529’183 –1’057’280 4’471’903
2012
2011
63 106’194 106’257
0 18’646 18’646
23’149 88’628 111’777
50’533 9’994 60’527
5’520
41’881
12. Transactions with associates The company of a Supervisory Board member provided services amounting to CHF 44,861 in the 2012 financial year (previous year: CHF 0). 13. Compensation to members of management bodies The members of the Supervisory Board (including President) of Osec were paid a total of CHF 110,000 (previous year: CHF 89,500) in attendance fees and expenses in the reporting year. 14. Events after the balance sheet date No events occurred after the balance sheet date which could have had a significant effect on the balance sheet and statement of operations. 15. Assessment of risk We have taken internal precautions in order to ensure that the annual accounts are compliant with the applicable accounting regulations and to ensure correctness of company reporting. These precautions are related to up-to-date accounting systemsand processes as well as to preparation of the annual accounts. In the past financial year we have not identified any risks whichmight lead to a permanent or substantial adverse effect on the assets, financial and earnings position. 16. Pledge of assets in favour of third parties As security for a confirmed line of credit limited to CHF 500,000, a bearer mortgage note encumbering the property at Stampfenbachstrasse 85 in Zurich has been deposited with the creditor bank.
Performance Report 2012
(in CHF)
In 2012, Osec decided to initiate a process of reorientation on the basis of a shared value system and value promise as well as
Payments from the Confederation rose by CHF 2.4 million, which was attributable to the budget increases for all three service
greater synergy among the three service mandates: Export, Import and Invest. The aim was to create an even more effective
mandates. The extra funds made it possible to expand the information and consulting services on behalf of SMEs, necessitating
platform for the customer services and benefits it provides. One consequence was the presentation of Osec’s new direction,
a modest increase in the number of staff. On 31 December 2012, Osec had 120 employees at its offices in Zurich, Lausanne and
value system and services in mid-April 2013 under a new brand: Switzerland Global Enterprise.
Lugano, accounting for 105 full-time positions.
Under the Switzerland Global Enterprise brand, Osec works all over the world to support Swiss entrepreneurs and promote
On the basis of the performance management system, fixed gross salaries and variable performance-related components were
Switzerland as a business location. As a centre of excellence for the Swiss economy, we foster exports, imports and investment,
paid in the reporting year as follows:
and help clients develop new potential for their businesses. We are a strong and trusted partner for our clients, the cantons and
the Swiss government, with a global network of experienced advisers and experts. Export Switzerland Global Enterprise uses its expertise in internationalisation to help Swiss companies, especially SMEs, identify and develop new business potential on a worldwide basis. It provides regular information about relevant trends in the global mar-
2011
kets, as well as professional advice and support in finding contacts and partners and recognising new business opportunities. Import
Executive management Other staff
2012
Executive management Other staff
Gross salries
Performance- related salary components
Total
1’233’953
282’418
1’516’370
10’649’721
1’266’158
11’915’879
1’101’513
207’460
1’308’973
10’712’376
989’257
11’701’633
Switzerland Global Enterprise supports SMEs from selected partner countries, facilitating market access and opening up new business opportunities in Switzerland and the European Union. In this way, Switzerland Global Enterprise helps to strengthen the competitiveness of these companies and foster cooperation and trade relations between Switzerland, the EU and the part-
The details of the management bodies and persons responsible for general management are to be found on the following pages.
ner countries. Importers in Switzerland and Europe benefit from contacts with reliable suppliers in the partner countries.
The introduction of more powerful IT systems and preparations for essential and wide-ranging renovation work on the office premises were the main factors contributing to the increased expenses under “Infrastructure, IT, administrative expenses”.
Invest
Higher expenses under “Contributions to third parties” are attributable to expansion of the network abroad and an increased
Switzerland Global Enterprise provides potential foreign investors with information about the particular strengths and opera-
contribution to the Trade Fair and Project Committee.
ting conditions of Switzerland as a business location. Switzerland Global Enterprise assists the cantons with the relocation of foreign companies, providing market and trend analyses and coordinating the activities of all the bodies involved in the promoti-
The additional measures in support of SMEs were provided in close collaboration with private service providers, leading to a
on of Switzerland as a business location.
rise in “Other operating expenses”. In the previous year, this item benefited from the release of provisions amounting to CHF 1.7 million.
In the 2012 business year, Osec posted a further increase in membership numbers: at the end of the year under review, the membership reached 2012 companies and institutions, an increase of over 9%. As a result of this positive development, the income from membership subscriptions also rose for the first time in several years, despite the fact that the average contribution per company is falling. This is because small and medium enterprises, which make up a high proportion of the membership, benefit from lower subscription rates. With turnover of around CHF 41 million and CHF 33,182 in profit, Osec achieved a balanced result in 2012. Following the reorganisation in spring 2011, there were no changes in the organisation’s structure during the year under review. With the increased emphasis on location promotion and stronger orientation towards French-speaking Switzerland and Ticino, Osec was well prepared to carry out its mandates of export, import and location promotion, which were renewed on 1 January 2012. Turnover on customer accounts amounted to CHF 7.65 million, almost the same level as the previous year. The difficult economic conditions led to a marked year-on-year decrease in sponsors’ contributions. At the same time, consulting revenues held firm. Osec generated a substantial increase in revenue from trade fairs and events thanks to a more wide-ranging trade fair programme and an increase in the exhibition space used. Other operating income fell due to the surrender of certain management mandates and the effect of one-off revenues from the reimbursement of services relating to the federal stimulus package in 2011.
Report of the Auditors
Supervisory Board as of 31.12.2012 PRESIDENT RUTH METZLER-ARNOLD Member of Auditing and Human Resources Committee; partner at Klaus-Metzler-Eckmann Strategy, Management, Communications Elected until 2013
Organisational Chart of 31.12.2012 CEO Daniel Küng
Office Services
Markets and Consulting Markus Wyss
Communication + Marketing Remo Daguati (ad interim)
Foreign Promotions Remo Daguati
Business Support Franz Steiger
Americas Region
Communication
Development Services
Human Resources
IMEA Region
Marketing
Food/Tourism
Strategic Projects + IT
Asia Pacific Region
Account Management
Non-Food
RW/Controlling
Europa Region
Channel Management
Technical Products
Sourcing + Services
Local Markets
E-Business
Import Development
Safety Officer
Lausanne Office
Special Projects Communication + Marketing
Location Promotion
VICE-PRESIDENT
CHARLES PHILLOT CEO Frewitt Fabrique de Machines Elected until 2014
VICE-PRESIDENT EVA JAISLI Member of the Auditing and Human Resources Committee; CEO and joint owner, PB Swiss Tools Elected until 2015
DORIS ALBISSER CEO and Supervisory Board member, CLS Communication AG Elected until 2015
THOMAS D. MEYER Chairman of Auditing and Human Resources Committee; Country Managing Director, Accenture AG Elected until 2013
BEAT W. KÜNDIG President of Supervisory Board and owner, W. Kündig & Cie AG Elected until 2015
Lugano Office
Trade Fairs
Distant Markets
Export Development
ExportHelp
PIERRE-OLIVER CHAVE President of Supervisory Board and CEO, PX Group Holding SA Elected until 2015
THOMAS STAEHELIN Member of Auditing and Human Resources Committee; partner at Fromer Advokatur und Notariat law practice Elected until 2013
JEAN-MARC PROBST President of Supervisory Board and CEO, Probst Group Holding SA Elected until 2015
AUDITORS Deloitte AG, Zürich
REMO DAGUATI DANIEL KÜNG CEO
MARKUS WYSS Markets and Consulting
Foreign Promotions Communication + Marketing
(ad interim)
FRANZ STEIGER Business Support